Sep 06, 2024
[UPDATE] Connecticut Insurance Commissioner Andrew N. Mais announced today that the Connecticut Insurance Department (CID) continues to protect consumers by reducing health insurers’ 2025 requested rates, despite ongoing increases in underlying health care costs. These 2025 rates are for individual and small group plans offered on and off the state exchange Access Health CT. The Connecticut Insurance Department does not regulate self-funded plans which fall under the authority of the U.S. Department of Labor.
The small group insurance market will receive a 35% reduction of the requested premium increases, resulting in an average increase of 7.8% rather than the requested average increase of 11.9%.
On August 20, 2024, the CID held a public informational meeting for individual and small-group plans marketed by Anthem, United Healthcare, and ConnectiCare.
The CID received four filings made by three health insurers for fully insured small group plans. Following the completion of a thorough actuarial review and the resulting reductions in the originally requested rate increases, the projected savings to Connecticut insureds (for both small group and individual policies) for the 2025 benefit plan year is approximately $59.8 million. This included holding Connecticut insurers’ profit provisions to 0.75%.
Health insurance premiums are affected by several key factors. Medical costs have surged by 8-9%, and prescription expenses have risen by approximately 12-19%. These increases are primarily driven by higher healthcare utilization and greater disease severity, which lead to advanced-stage treatments and an overall increase in healthcare spending.
Over the last six years, the CID’s efforts have led to a savings of nearly $520 million for Connecticut insureds in the individual and small group markets.
CID Small Group Market Rate Actions
| CARRIER | AVERAGE REQUEST | RANGE | APPROVED AVERAGE | APPROVED AVERAGE RANGE | COVERED LIVES |
|---|---|---|---|---|---|
| Anthem Health Plans* | 13.6% | 7.9% to 18.8% | 9.2% | 3.6% to 14.5% | 37,667 |
| Oxford Health Plans (CT), Inc. | 5.1% | -1.5% to 13.0% | 1.6% | -4.7% to 9.3% | 1,083 |
| Oxford Health Insurance, Inc. | 8.9% | 5.8% to 11.4% | 5.3% | 2.2% to 7.8% | 17,411 |
| UnitedHealthcare Insurance Co. | 9.0% | 2.9% to 11.5% | 5.4% | -0.5% to 7.9% | 1,534 |
View the Summary of Requested Rate Increases 2025 for full details on small group and individual rate actions.
*Indicates the Company will offer products on Access Health CT in 2025.
[UPDATE AUGUST 15, 2024] As per Connecticut law, a public informational meeting on the 2025 individual and small group rate request filings will be held on Tuesday, August 20, 2024, at 9:00 a.m. ET. Please note the following attendance options:
- In-Person at Hearing Room 1D in the Legislative Office Building ("LOB"), 300 Capitol Ave, Hartford, Connecticut, 06106. Attendees are welcome to participate in person at the LOB, sign-ups for public comment will begin the morning of August 20 in hearing room 1D beginning at 8:30 AM. The public comment portion of the session will be held beginning in the afternoon.
- Online via Zoom; interested participants should email their full name to to cid.Ratefilings@ct.gov. The sign-up deadline is noon on August 20.
- Public Comments may also be submitted as written testimony. Submit to cid.Ratefilings@ct.gov by 5:00 PM on August 20, 2024.
The meeting proceedings will also be available via live stream on the Insurance and Real Estate Committee YouTube channel and on the CT-N Public Affairs Network web site.
Each speaker's allotted time will be limited to 3 minutes to accommodate all participants. The online public comment period commenced on June 7 when the rate filings were posted for public review and will remain open until 5:00 pm on August 20.
[JUNE 7, 2024] The Connecticut Insurance Department (CID) has received four rate filings from three health insurers for plans that will be available on the small group market, both on and off the state-sponsored exchange, Access Health CT. As part of their regulatory responsibilities, they will conduct a thorough examination of these filings to ensure that the requested rates comply with Connecticut's insurance laws and regulations.
The proposed average small group rate request is an 11.9% increase, compared to 14.8% in 2024. The Department expects to make final rulings on the proposals in early September.
The thirty-day public comment period for all filings starts today, June 7, 2024. The public can share comments online or submit them by mail to the Connecticut Insurance Department at P.O. Box 816, Hartford, CT 06142-0816.
Bookmark this page! As CID publishes its modifications and approvals of the proposed rate filings, the table below will be updated.
